What 'Comfortable' Means in New York vs. Los Angeles
Being "comfortable" means something different depending on your ZIP code. Read below for a look at how much money you may need if you want to live a “comfortable” lifestyle in two of the costlier cities in the United States – New York and Los Angeles.
The Basic Numbers Needed for ‘Comfort’
The basic numbers can paint an understandable difference between what it costs to live “comfortably” in New York versus L.A. According to SmartAsset, the Big Apple has the highest individual salary required to live “comfortably” at $158,954. The numbers also show the salary needed for a working family of four is $337,875, while the median household income is $81,228.
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You may be surprised that the City of Angels is much lower on the list. You’ll need $120,307, though places like Anaheim and Santa Ana may be much more expensive. The salary needed for a working family of four in L.A. is $281,466, while the median household income is $82,263.
The Factors To Consider for Each City
“In New York, I'd put ‘comfortable’ for a single person at around $120,000 to $150,000 a year,” said Andrew Lokenauth, founder of the blog Fluent in Finance. “That covers a decent apartment, figure $3,000 to $4,500 a month for a 1-bedroom outside Manhattan, savings and some breathing room. Below $80,000 to $90,000 in NYC and you're grinding just to cover basics.”
The news for your budget is only slightly better in L.A.
“‘Comfortable’ sits a little lower, roughly $100,000 to $130,000 a year for a single person, but the cost structure is different,” Lokenauth noted. “You're spending less than Manhattan on rent, but you need a car, and between insurance, gas and parking, that's $600 to $900 a month right there. A solid 1-bedroom in a safe L.A. neighborhood now runs $2,500 to $3,500 a month.”
Bottom Line
Per Lokenauth, New York gets you on rent and taxes, while L.A. gets you on cars and hidden costs.
“Both cities punish average incomes in their own way, and [the] $75,000 to $80,000 that feels like breathing room in a midsize city feels like survival mode in either of these two.”
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This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal or tax advice.
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